Ofer Brothers subsidiary Israel Corp. (TASE: ILCO) and Israel Petrochemical Enterprises Ltd. (TASE:PTCH) have signed an MOU to place a joint bid for Oil Refineries Haifa in tomorrow’s public tender for the company on the Tel Aviv Stock Exchange (TASE). David Federman and Yaacov Gotenstein control Petrochemicals Enterprises.
Israel Corp. will own 80% of the shares purchased in the public tender, and Petrochemicals Enterprises will own 20%. The two companies will attempt to jointly appoint directors to Oil Refineries Haifa’s board and coordinate their positions in general shareholders’ meetings.
Last December, Scailex Corp. ltd. (TASE: SCIX; SCIXF.OB) (formerly Scitex) announced that it had signed an agreement with “a major foreign natural resources company” for the acquisition of the controlling interest in Oil Refineries Haifa.
In its notice to the Tel Aviv Stock Exchange (TASE) on Thursday, Israel Corp. denied reports that it had joined forces with a foreign company in order to take over Oil Refineries Haifa. The company’s most important holdings are Israel Chemicals Ltd. (TASE: CHIM) and Zim Integrated Shipping Services Ltd.
Petrochemicals Enterprises has a lot of cash after raising NIS 700 million in bonds late last year on the TASE.
Published by Globes [online], Israel business news - www.globes.co.il - on February 18, 2007
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